The basic requirements for setting up your business.

Before you launch your business you will need to research your market, this includes finding your target audience and searching for your competitors.

Finding your target audience will give you an idea of who you need to sell your services or products to, and finding your competitors will give you an idea of how they have been successful and how they do things, so you can learn from them.

Develop and Plan

Making a clear plan of what you want your business to be is vital. You can spot the potential of your business and what could be problems. For your business you should create goals of where you want to be each month, and along with this measure your progress, as this will enable you to see how well you’re doing or where you need to improve.

Find a mentor

Finding a mentor can help you with managing the pressures of running your business. You need someone you can trust, and someone who can offer you guidance and support.

2. Register your business

Before registering you need to choose out of the 3 business types.

Sole trader

Running your business as an individual will give you the chance to keep all business profits after you pay tax. Shortfalls or business debts will be held personally.

Business Partnership

When you run your business with a partner and share responsibility for the business, profits are shared between the partners, and each partner will pay tax on their share.

Limited company

An organisation you sat up to run your business. Responsible in its own right for everything it does and its finances are separate from your finances.

3. Getting your business registered

1. Register with HMRC customs.

2. Register with company’s house if you are planning on becoming a Limited company.

The Check-list

Choose a name for the business- this needs to stand out from the crowd.

Design a logo- A good logo is critical for the company, easy to remember but effective.

Register a domain name and build a website.

Create social accounts- e.g. Twitter, Facebook.

Obtain the relevant licences- e.g. food business registration, if you was selling food.

Order business stationery- Having letter heads, compliment slips and business cards.

Set up a business bank account- Keep it separate from the personal account.

Purchase the necessary tools- Start with a list of requirements that you need for your business.

Find the right business premises- Sole traders will work from home, but renting space in a business is vital for it to grow.

Take out insurance- You need Employers liability insurance e.g.

Find an accountant- It will make things easier.

Find staff- You can advertise to make it easier for you to find the right person.

Launch your business

Market and promote

When your business is registered it is time to launch it. Promote your business through social media, network and word of mouth. You need to sell your business so this stage is vital.

Monitor and learn

Business is about learning, you will learn from mistakes and you will also spot opportunities to make your business more successful.

Enjoy

It takes a lot to get to this point in a business, so just enjoy it. There is a lot more hard work to come but if you’re confident success will come your way. And be proud of your business!